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Price Signal Summary - Equity Space Retracements Considered Corrective

MARKET INSIGHT
  • In the equity space, the outlook is unchanged in the S&P E-minis and a bullish theme remains intact. This week's pullback is still considered a correction. The focus is on 4717.00 next, 1.50 projection of the Jul 19 - Aug 16 - Aug 19 price swing. Initial support to watch is 4590.86, the 20-day EMA. EUROSTOXX 50 futures remain below recent highs and this week's activity still appears to be a bull flag. The trend needle points north and sights are on 4371.00, 1.236 projection of Jul 19-Sep 6-Oct 6 2020 swing (cont).
  • In FX, a sharp sell-off in EURUSD this week confirmed a resumption of the downtrend and conditions remain bearish within the bear channel drawn off the Jun 1 high. The focus is on 1.1423, Jul 21 2020 low. GBPUSD remains vulnerable following Wednesday's sharp sell-off. The break of 1.3412, Sep 29 low, opens1.3334 next, 1.00 projection of the Sep 14 - 29 - Oct 20 price swing. Wednesday's candle pattern in USDJPY is a bullish engulfing reversal. This pattern signals scope for a climb towards key resistance at 114.70, Oct 20 high. Key support has been defined at 112.73, Nov 9 low.
  • On the commodity front, Gold rallied sharply higher Wednesday and remains firm. The focus is on $1877.7 next, Jun 14 high ahead of the $1900.00 handle. {7I} WTI gains stalled Wednesday and the key resistance of $85.41, Oct 25 high, remains intact. A break would confirm a resumption of the uptrend. On the downside, key short-term support to watch is $78.25, Nov 4 low.
  • In the FI space, Bund futures maintain a bullish short-term tone despite remaining below recent highs. The recent break of 169.83, Oct 27 high and clearance of the 50-day EMA, opens 171.95, 61.8% of the Aug - Nov sell-off. Gilts also maintain a firmer tone. The focus is on a climb towards 127.69 next, Sep 21 high. The recent pullback is considered corrective.
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